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- Gold is trading near a monthly high
Gold is trading near a monthly high
On Friday, the XAU/USD pair mostly rose in the range of 2663-2698, reaching a monthly high, and closed the day near the price of 2688. Today, gold started trading in the range of 2679-2693. On the hourly chart, XAU/USD is still trading above the MA (200) H1 (2649) moving average line and above MA (200) H4 (2645) on the four-hour chart. Based on the above, it is probably worth sticking to the northern direction in trading and as long as gold remains above the MA 200 H1, it is necessary to look for entry points to buy to form a correction.
Resistance levels are at: 2698, 2726, 2763
Support levels are at: 2679, 2650-55, 2633
The main scenario for the pair's advance assumes a breakout of the resistance of 2698 (Jan 10 high) and there may be an increase to 2726 (Dec 12 high)
An alternative scenario implies a breakout of the session low of 2679, followed by a likely fall to 2650-55 (Jan 9 low, MA (200) H1).
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